According to the provided market data and Greeks.live, 21,000 Bitcoin options and 129,000 Ethereum options expired on May 22 as implied volatility fell and large holders remained defensive.
On May 22, 21,000 Bitcoin options and 129,000 Ethereum options expired, with the Bitcoin batch carrying a reported notional value of $1.6 billion, a 0.66 put-call ratio, and a maximum strike price of $78,500. The Ethereum batch showed a 0.92 put-call ratio, a maximum strike price of $2,200, and a reported notional value of $280. Greeks.live said implied volatility declined during the period, while demand remained weak and whale positioning was defensive, pointing to cautious sentiment in the crypto options market around the expiry.